I include 0.2% TX-100 in my blocking buffer/immunofluorescence diluent. It seems to work well, no permeabilization necessary (as you permeabilize during the blocking/staining).
My immunofluorescence/blocking buffer recipe is PBS with 2% normal goat serum, 0.2% triton x-100 and 0.05% sodium azide.
Combining fixation and permeabilization should work, as it's done with much gentler detergents and formaldehyde for FACS (see BD Cytofix/Cytoperm).
Mixing of formaldehyde with permeabilizing agent is in fact unnecessary. Formaldehyde is quite a small molecule and is able to crosslink proteins on its own (fixation step).
It is for the antibody binding step, permeabilization is required. In my experience diluting the antibody in a mixture of 50% blocking solution and 50% 0.1% Triton-x-100 (in PBS) provides good enough blocking and permeabilization effect. It gives very good staining results.
U may fix the cells on cover slip using 4% para formaldehyde , for 15 mins @ room temp, followed by washing and permeablization using 0.05-0.1% tritonx 100 or what u can do -if you want to stain a nuclear antigen u can directly use acetone:methanol(1:1) mixture for fixing as well as permeablize(@ 0 degree for 10 mins), no seperate step for permeablization is required or you can use methanol for both the purposes.
For the regular action of fomaldeyhe the pH of the solution has great impact (7,0-7,6). It would be interesting how the Triton changes pH. At a pH above 8 it doesn't really work.